MARKET DEMAND AND SUPPLY Suppose that the demand and supply functions for Apple are the following: Qd = 42 - P Qs = 0.5P a. What the equilibrium price and quantity? b. What is the market outcome if price is $36? What do you expect to happen? Why? c. What is the market outcome if price is $20? What do you expect to happen? Why? d. What happens to equilibrium price and quantity if the demand function becomes Qd = 50 - 2P? e. What happens to equilibrium price and quantity if the supply function becomes Qs = P (demand is Qd = 42 - P)